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KBRA Affirms All Ratings for BXMT 2021-FL4

13 Feb 2026   |   New York

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KBRA affirms all of its outstanding ratings for BXMT 2021-FL4, a CRE CLO transaction with the ability to acquire and sell (rebalancing provision) loan participations related to the transaction collateral. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in collateral performance since securitization including the addition of K-LOCs with losses. However, this is offset by transaction deleveraging.

At the time of this review, the total collateral balance is $712.3 million, which is comprised of 14 first mortgage loans secured by 15 properties. As of the January 2026 remittance period, there is one specially serviced asset (6.9% of the pool), which is REO. KBRA identified seven K-LOCs (46.8%), including the REO asset. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 40 America Center OF $74,572 10.5% N C Y Low Occupancy $11,256 15.1% 35 Crocker Atlanta OF $67,200 9.4% N C Y Low Occupancy $21,373 31.8% 5 L'Enfant Plaza MU $49,000 6.9% Y REO Y Specially Serviced $24,754 50.5% 15a Falchi Building OF $46,937 6.6% N C Y Low Occupancy $27,532 58.7% 13 Continental and Grand OF $36,467 5.1% N C Y Low Occupancy - - 12A Woolworth Building OF $33,661 4.7% N C Y Low Occupancy - - 11 Orange County Office Portfolio OF $25,757 3.6% N C Y Maturity $628 2.4% Total K-LOCs $333,594 46.8% $85,543 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason
Source: KBRA

The transaction’s WA KLTV is 136.3%, compared to 132.8% at last review and 128.5% at securitization. The KDSC at Index Cap is 1.03x, compared to 1.02x at last review and 1.12x at closing. The overcollateralization and interest coverage tests have each been satisfied during each distribution date since issuance.

At securitization, 26 loans (83.3% of the issuance loan pool) had related companion participations representing unfunded future advance obligations, with an aggregate unfunded amount of $760.0 million. In support of these business plans, there were five loans (37.7%) with unfunded future advance obligations with an aggregate of $90.0 million unfunded as of September 2025.

To access ratings and relevant documents, click here.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1013476